Solvay Forecasts Profits For 1994

Belgian chemical and pharmaceutical company Solvay is expecting group net consolidated profits for 1994 to be around 8 billion Belgian francs ($256.7 million), with the firm returning to profit after the loss made in 1993 amounting to 6.9 billion francs. Solvay has said the pick-up of the European economy, and the success of the recovery plan it put in place towards the end of 1991, have driven the "quick and strong recovery." Net current earnings are estimated to reach 7 billion francs, and earnings per share should be around 800 francs, the company says.

A substantial recovery is reported for the health sector, with significant progress in Europe and in export markets, despite continued measures by national authorities to control the cost of medical health policies. The company also points out that Luvox (fluvoxamine) was launched in the USA to treat obsessive-compulsive disorders in December 1994.

Solvay Denies Gingrich "Help" Meantime, Solvay has denied that any intercedence by Newt Gingrich (now US House Speaker) with the Food and Drug Administration in the approval process of Luvox was linked to donations to foundations connected with him. Among Mr Gingrich's many affiliations is the Progress and Freedom Foundation which, at the Congressman's suggestion, is looking into ways in which the FDA can be reorganized to speed up drug approval.